Oil Falls as Production Increase Outweighs Stockpile Decline

Oil prices fell to a three week low Wednesday as data showing an increase in U.S. oil production outweighed the largest weekly decline in oil stockpiles this year. U.S. crude futures declined for a third straight day, falling 77 cents, or 1.62%, to $46.78 a barrel on the New York Mercantile Exchange—their lowest settlement since July 24. Brent crude, the global oil benchmark, fell 53 cents, or 1.04%, to $50.27 a barrel on ICE Futures Europe. The amount of oil in U.S. storage tanks fell by more than 8.9 million barrels last week according to the latest figures from the U.S. Energy Information Administration—on par with the 9.2 million barrel drop anticipated by The American Petroleum Institute, an industry group. The decline was nearly three times the 3 million barrel drop forecast by analysts and traders surveyed by The Wall Street Journal. U.S. stockpiles have become a closely watched […]